This problem is based on the transactons for the Fostforward Company in your text. Prepare joumal entres for each transacnion and lderify the financlal statement impact of each entry. The financial statements are ausomatically generated based on the journal entres recorded. Decepber 1. On Decenberi. 1. Chas faylor. forts a consulting business, named fattroreard, FastForuard receives sae, eee cash froe Chas Taylor in exchange fier comon atock? Decenber 3 fastforwart pays 525 , ees cash for equapiest. Decenber. 4 FastForward porchasas 37, 1le of supplites on crade fron a scipplier, Galfech fopply, Deceeber, 5 FastForward provides conaulting wervices and inredately collecti 54,200 cash. Decerbar \& Fastioriard pays \$1, bee cash for Decenber rent. Decenber. 7 Fastferward pays s7ed cash fon efployee salary. \$1, 9 eve for these services, Decerber 8 Fastforward receives $1,908 cash from the client billed on Qecerber 8. Decenber 11 fastofrard pays 520 cash for dividends. eorpiry's policy. ix to record all peepaid expenses in a balance aheet account: Deceeber: a4: fast Fruard pays $120 cass for suppliea, Decenter 15 : Fattfarfard gayt. 1 les cash for Decerter wit1itiet expense. deceabar 16. fastlarnars pays shee cash in enployee salacy for work pecforned in the latter part pr decipber; General Journal Tab. For each transaction. prepare the requied jeurnal entry on the General Jeumal tab, Lat debits Eefora credits, General tedgex Tab - Qne of the adyantages of general ledger sof ofrare it that posting ia done automatically. To see the detail of all tre ations that affect a specific account or the balance in an account at a apecific point in time. cievi on athe General Ledger tab. Trial Aalance Tab. Getieral letgeridefwa re Miso automates the preparation of trial balancea. A trial balancie lists tach